ICICI Bank on recovery path after falling 28%

Mumbai: Country’s largest private sector lender ICICI Bank, which suffered a decline of as much as 28% on the bourses, made a partial recovery in the afternoon trade after the bank asserted it had adequate rupee liquidity.

Stocks of ICICI Bank opened on a weak note at Rs420.25 on the Bombay Stock Exchange and then lost further ground and witnessed an intra-day low of Rs326.70, a fall of 27.96% from its previous closing price.

On the National Stock Exchange as well, the scrip opened at Rs420, then fell to an intra-day low of Rs327, a plunge of 27.93% over the last closing price.

However, at 1.55 pm the stock was trading at Rs370.60, down 18.20% on BSE and was quoted at Rs367.60, down 18.99% on NSE, a significant recovery from its intra-day low.

“The significant fall in ICICI Bank shares is largely because the market is complacent about the prospect of ICICI Bank through its UK subsidiary. Besides, global cues are also in a bearish trend,” Ashika Stock Brokers Research Head Paras Bothra said.

“However, after the management of ICICI Bank assured that the fundamentals of the company are sound the stock gained some momentum and recovered partially,” he added.

On the volume front huge movement was witnessed as over 2.45 crore shares exchanged hands on the NSE and as many as 76.78 lakh shares exchanged hands on BSE.

Meanwhile, to a question on today’s fall in the ICICI Bank stocks and what would be SEBI’s course of action, SEBI Chairman C B Bhave told a television channel, “We will keep the general rule..I do not have any specific answer to the question,..whenver any complain is made to SEBI about the manipulation in the stocks, we do investigate those.”